Bybit Hack by the Numbers

Insights.
Our Data Debrief and Deep Dive insights are published twice a week and you can subscribe to them here.

DeFi
17/03/2025 Data Debrief
Anatomy of market manipulation in DeFiBitcoin bucked its downtrend last week adding 3% while the S&P 500 briefly entered correction. Binance secured its first institutional investment from Abu Dhabi’s MGX group, the largest ever single investment in a crypto firm at o...
Stablecoin
10/03/2025 Data Debrief
Stablecoin Adoption Amid New RulesBitcoin experienced sharp swings last week after President Trump announced a less ambitious-than-exp...
Written by The Kaiko Research TeamIndices
06/03/2025 Index in Focus
A Standard for Benchmarking SuccessThis week, we’re analyzing the Kaiko 10 Index (KT10), part of our multi-asset Blue Chip indices. Wit...
Written by Adam Morgan McCarthy
Stablecoin
22/01/2024 Data Debrief
TUSD Depegs After Losing Top Use CaseBTC continues to trade more than 10% below its pre-ETF price level, falling below $41K in the early hours on Monday amid continued outflows from Grayscale’s GBTC fund.
Written by The Kaiko Research TeamETF
18/01/2024 Deep Dive
Will ETF Hype Fuel ETH's Comeback?This week we examine the state of ETH, including a look at how volumes and derivatives have fared in the wake of last week’s BTC ETFs going live.
Written by The Kaiko Research TeamETF
15/01/2024 Data Debrief
Bitcoin Slumps Post-ETF ApprovalBTC saw strong volatility over the week following the landmark approval of several spot ETFs in the U.S. Despite hopes that the rally would continue, BTC closed the week in the red dipping to $42.6k from a high of $48.7k. ETH ended up being the surprise winner, closing Sunday up 11% as traders anticipate a spot ETH ETF could be next in line.
Written by The Kaiko Research TeamLiquidity
11/01/2024 Deep Dive
Q4 2023 Token Liquidity RankingToday, we’re pleased to unveil our Q4 2023 Token Liquidity Ranking following one of the most exciting quarters since the ranking’s inception.
Written by Riyad CareyETF
08/01/2024 Data Debrief
ETF Anticipation Triggers VolatilityJanuary 10th marks the final day that the SEC can take a decision on Ark’s spot ETF and no matter the outcome, there will likely be more volatility. BTC was one of the only crypto assets to close the week up after a dramatic price crash that triggered hundreds of millions of liquidations.
Written by The Kaiko Research TeamYear in Review
21/12/2023 Deep Dive
The 10 Charts That Defined 2023Throughout 2023, Kaiko Research published more than 800 charts exploring the highs and lows of crypto. Today, we take a look back at 10 charts that we believe define the year.
Written by The Kaiko Research TeamSolana
18/12/2023 Data Debrief
What the BONK Rally Says About SolanaMarkets pulled back slightly last week, with BTC now trading at just under $41k after the SEC denied Coinbase’s rule-making petition and Ledger suffered a major exploit of its Web3 connector, impacting dAPPs for many popular DeFi protocols.
Written by The Kaiko Research TeamLiquidity
14/12/2023 Deep Dive
Will ETFs Boost Bitcoin's Liquidity?This week, we analyze the state of bitcoin liquidity ahead of a possible ETF approval in January.
Written by Dessislava AubertDEX
11/12/2023 Data Debrief
Diving Into DEXsBTC is trading just below $42k as speculation mounts that the Fed could soon start cutting interest rates. Last week, Société Générale listed its euro stablecoin on Bitstamp, memecoins saw a surge in activity, and Robinhood rolled out crypto trading in the EU.
Written by The Kaiko Research TeamBinance
07/12/2023 Deep Dive
Can Bybit Lead USDC's Comeback?This week we continue to look at the market share effects of Binance’s settlement, including a surprising USDC trend on Bybit.
Written by Riyad CareyBitcoin
04/12/2023 Data Debrief
Bitcoin Breaks $41k as Rally ContinuesBTC broke $41k in the early hours of Monday, hitting its highest level since April 2022. Meanwhile, MicroStrategy boosted its BTC holdings, U.S. inflation softened more than expected, and Binance said it will soon end support for BUSD.
Written by The Kaiko Research TeamBinance
30/11/2023 Deep Dive
Who's the Winner After Binance's Settlement?Another market overhang was removed last week as Binance settled with the DOJ. But who came out on top?
Written by Riyad CareyBinance
27/11/2023 Data Debrief
Bitcoin Unbothered by Binance SettlementLast week the U.S. Justice Department’s investigation of Binance finally came to a close with the exchange agreeing to pay $4.3bn in penalties and its CEO Changpeng Zhao stepping down and pleading guilty. Additionally, the SEC charged Kraken for running an unregistered securities exchange.
Written by The Kaiko Research TeamEthereum
20/11/2023 Data Debrief
DeFi Activity is Picking UpBitcoin was range-bound last week despite a market-wide rally on the back of weaker-than-expected inflation data. In other news, OpenAI fired its CEO Sam Altman, the SEC expectedly delayed a decision on three spot ETFs and the Philippines sold $270mn tokenized treasury bonds.
Written by The Kaiko Research TeamDerivatives
16/11/2023 Deep Dive
Margins and Liquidations: Why Pricing Methodologies MatterAs markets rally and demand for leverage increases, high-quality price data is more important than ever. Today, we explore why pricing methodologies can have a big impact on derivatives markets.
Written by The Kaiko Research TeamEthereum
13/11/2023 Data Debrief
ETH Joins the Crypto RallyETH closed the week above $2k, outperforming BTC after BlackRock filed for a spot ETH ETF. In other news, the CME Group overtook Binance as the largest BTC futures market by open interest, Poloniex suffered a $114mn hack, and JP Morgan launched programmable payments.
Written by The Kaiko Research Team
